US job growth unexpectedly low
Afp, Washington
The US jobs market softened dramatically in July, with employers adding a weaker than expected 92,000 jobs, after 126,000 the previous month, and unemployment rising up a notch, the Labor Department said Friday. It was the weakest jobs gain in the world's biggest economy since February and fell far short of the Wall Street consensus forecast of 135,000 new jobs. The 4.6 unemployment rate in July was the highest since January and confounded forecasts it would hold steady at 4.5 percent for the fourth consecutive month. In addition, the new jobs data for the two prior months was revised slightly lower. The economy created 126,000 jobs in June, down from the 132,000 initially estimated, and 188,000 in May, down from 190,000, the Labor Department said. Economists closely monitor the new jobs data as a more accurate indicator of the health of the jobs market than the unemployment rate. They say the economy needs to create between 110,000 and 140,000 new jobs each month to absorb growth in the number of people seeking work.
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